The DUST tokenomics article gives a rundown of all the information that Flovatar NFT holders need to know about the distribution, the rewards, utility, incentives, and more.
Flovatar, the next generation PFP crypto project, releases the long-awaited information on the $DUST tokenomics.
Flovatar is a fully on-chain, composable NFT 2.0 with 1% lifetime royalty, full commercial rights, and a $DUST token (coming soon) currently operating on the Flow blockchain.
There are only a few projects in the NFT space with as passionate a following as Flovatar.
The tokenomics and distribution mechanism for the $DUST token is very unique, and it is novel in the way it rewards Flovatar NFT holders over a period of 10 years. The $DUST allocation and distribution will help propel them to accomplishing their lofty goal of becoming the Lego + Disney in Web3.
Luca Basille, Flovatar Founder & CEO, said:
We like to underpromise and overdeliver in everything we do for the community, which is one of the main reasons why no other NFT or crypto project comes close to what we have to offer.
The Flovatar team has been hard at work building a whole universe where each new Flovatar story can live and be shaped with a very active role in a metaverse of sorts. These fully immersive experiences will be an opportunity to shape the direction of the narrative and build out a massive universe together. $DUST token plays an important role in that NFT universe.
The main $DUST utilities and benefits offered to Flovatar NFT owners are:
- Naming the Flovatar
- Creating a bio for the Flovatar
- Flobits (Accessories) upgrade mechanism
- Flovatar 3D upgrade mechanism (AR experiences coming soon with interactivity)
- Special swag purchases
- Participation in the Ultimate 1/1 Flobit auction
- Metaverse/gaming unique unlocks and participation opportunities
- DAO voting participation
- Minting brand new NFTs for future series
After $DUST is officially released soon, new minted Flovatars will burn $DUST directly, without Spark or Boosters, with the cost varying depending on rarity. Also, for community members who believe in the long-term vision of Flovatar, they can lock up their $DUST from 1 week to 3 years, receiving a reward multiplier proportional to their duration. Locking $DUST will mint a Frozen $DUST NFT that can be traded on marketplaces or used as collateral.
The new $DUST NFT Builder coming soon will be a core part of the project because it allows $DUST owners to choose from a wide range of possibilities for their next NFT. The new NFT could be a dog, a cat, an alien, or even products like a car or house! Whatever users can dream of, they can easily turn that into an NFT.
One unique reward for Flovatar NFT owners will be the daily $DUST token reward sent over to every holder. It’s as simple as owning one NFT. If a user owns a Flovatar series one, there will be a daily free $DUST airdrop right to the user’s wallet. And, further rewards can be received through frozen $DUST NFTs, which is similar to staking in other crypto projects. In fact, there will be a special “$DUST Freezer” page where NFT owners can enter the amount of $DUST token they want to “freeze” and for how long (1 week to 3 years).
However, the lock-up duration will impact the multiplier of the reward NFT owners will receive – the longer the period, the larger the reward multiplier. In doing so, NFT owners will receive in exchange a brand new, freshly minted NFT that will represent the $DUST amount that the user staked.
One unique value of this new integration is the ability to trade the NFT representing the user’s locked asset freely on the Marketplace. For example, the Frozen NFT could be used on something like Flowty as collateral to obtain a loan in stablecoins, without having to give up on the locked $DUST tokens. This allows users to tap into liquidity without giving up locked $DUST.
The $DUST token is also deflationary, due to it being burned when users are using it for the token utilities. The more utilities built, the lower the total supply of $DUST over time.
In terms of supply, the total supply will be capped at 500 million $DUST. 40% of the total $DUST will go to the community (the Flovatar owners), distributed over a period of 10 years on daily basis. And 35% will be allocated to the Flovatar Treasury used to fund projects and future initiatives, including community grants. That makes a total of 75% of the total token supply used to the benefit of the community — very rare in the NFT space.
More details and the full $DUST tokenomics breakdown is available on the Flovatar blog. Users can also join the email list on the Flovatar website to be notified of exclusive offers, events, and when $DUST is officially released in Q3 of 2022. Join the Flovatar discord community here for more details.
Flovatar is pioneering a new way to unleash community creativity in Web3 by allowing users to be co-creators of their prized NFTs, instead of just being passive collectors. It offers an innovative platform for people to connect and build new experiences together.